Grifols (GRF) Q2 2026 earnings summary

Executive summary

• Revenue for H1 2026 reached €3,574 million, up 2.6% at constant currency, driven by Biopharma growth and strong IG franchise performance, despite macroeconomic and geopolitical uncertainty.

• Adjusted EBITDA was €854 million (23.9% margin), up 2.4% year-over-year, with net profit rising 28.7% to €227 million.

• Free cash flow pre-M&A improved by €103 million year-over-year to €91 million, reflecting better working capital management and normalized CAPEX.

• Strategic initiatives included refinancing, closure of 29 US plasma centers, operational optimization, and progress in Egypt and Canada self-sufficiency projects.

• The Board is evaluating a potential IPO of the US Biopharma business.

Financial highlights

• Group net revenues in H1 totaled €3,574 million, with Biopharma revenue up 5.4% at constant currency and IG sales up 12.8%.

• Adjusted EBITDA margin was 23.9%, with gross margin at 37.1% (38.6% adjusted); net profit margin improved to 6.3%.

• Net leverage ratio stood at 4.2x, net secured leverage at 2.7x, and liquidity increased to over €2 billion.

• Diagnostics revenue declined 9.7% due to JV dissolution, but excluding this, saw low single-digit growth.

• Bio Supplies and Others segments saw revenue declines, mainly due to logistics and product mix.

Outlook and guidance

• Full-year 2026 guidance confirmed, supported by Biopharma momentum, IG growth, Egypt plasma ramp-up, and Biotest turnaround.

• Free cash flow guidance for 2026 remains €500–575 million pre-M&A.

• SPARTA Phase 3 trial for alpha-1 antitrypsin on track for top-line results in late Q4 2026.

• Strategic reorganization to create dedicated US and ROW Biopharma organizations.

• Continued progress in Egypt and Canada to enhance plasma self-sufficiency.